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作者：Billett, Matthew T.; Ma, Mark (Shuai); Yu, Xiaoyun
作者单位：Indiana University System; Indiana University Bloomington; IU Kelley School of Business; Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh; Shanghai Jiao Tong University
摘要：A firm's initial public offering (IPO) generates negative externalities for industry competitors. To mitigate this threat, incumbent firms manage their earnings downward, issue more negative management forecasts, and use a more negative disclosure tone when their industry peers file for an IPO. Negative accruals reverse when the threat subsides. Incumbents manage earnings more aggressively when costs are small and benefits are large, and when they follow negative disclosures of industry leadin...
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作者：Qiang, Xinrong; Wang, Jing
作者单位：Dongbei University of Finance & Economics; Queens University - Canada; University of Sussex
摘要：Under the Current Expected Credit Loss (CECL) model, banks should fully recognize expected lifetime credit losses upon loan origination while gradually recognizing interest revenues. This timelier recognition of losses versus gains (i.e., conditional conservatism) makes banks more capital constrained. To mitigate this, banks may (1) offset timelier credit losses by lowering conservatism in other earnings components and (2) reduce credit losses by demanding greater borrower conservatism. We fin...
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作者：Dambra, Michael; Mihov, Atanas; Sanz, Leandro
作者单位：State University of New York (SUNY) System; SUNY Maritime College; University at Buffalo, SUNY; University of Kansas; University of Notre Dame
摘要：We study the real effects on innovation of a transformative change in corporate disclosure dissemination, the implementation of the SEC's EDGAR system. On the one hand, increased disclosure dissemination can lower firms' cost of capital, thereby stimulating innovative activity. On the other hand, increased dissemination can exacerbate proprietary disclosure costs, reducing firms' incentives to innovate. We show that treated firms reduce innovation investment following EDGAR's implementation. I...
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作者：Dehaan, Ed; Glover, Andrew
作者单位：Stanford University; University of Washington; University of Washington Seattle
摘要：We examine the effects of stock market access, and in particular trading hours, on retail investment performance. Using discontinuities around time zone borders, we find that plausibly exogenous decreases in waking trading hours are associated with meaningful increases in retail investors' capital gains, as reported on tax returns for the U. S. population. Our results indicate that limiting trading hours curbs active retail trading, leading to improvements in portfolio performance. Our finding...
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作者：Duguay, Raphael
作者单位：Yale University
摘要：I evaluate the effect of financial statement audits on the governance practices of nonprofit organizations. Using a regression discontinuity design that exploits revenue-based exemption thresholds, I find that financial audits cause organizations to implement governance mechanisms, such as conflict of interest policies, whistleblower policies, and formal approval of the CEO's compensation by a committee. Consistent with these governance practices curtailing managers' private benefits, I docume...
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作者：Kunneke, Judith
作者单位：Tilburg University
摘要：Organizations invest heavily in supervision to increase the competitive advantage of their human capital. Although recent studies show that supervisors add value in general, it is not well understood what specific supervisory behaviors are relevant for employee career outcomes. To that end, this study explores the performance evaluation process and focuses on supervisors' evaluation behavior. Interpreting a supervisor's tendency to differentiate as a way of advancing employee development, I pr...
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作者：Guo, Qiang; Koch, Christopher; Zhu, Aiyong
作者单位：University of Southern Denmark; Johannes Gutenberg University of Mainz; Southwestern University of Finance & Economics - China
摘要：This study provides novel evidence on the magnitude of switching costs in auditing. Using a discrete choice approach, we infer switching costs from clients' audit firm choices. The demand estimation reveals that switching costs are significant and vary by direction, with the highest costs associated with switching from non-Big 4 to Big 4 audit firms. Counterfactual analyses of forced switches suggest that switching costs are substantial, ranging from 0.7 billion U.S. dollars (14.2 percent of a...
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作者：Stephan, Andrew
作者单位：University of Colorado System; University of Colorado Boulder
摘要：I investigate whether algorithmic trading (AT) affects the provision of management guidance. Existing research finds that AT decreases fundamental information acquisition before earnings announcements and consequently reduces the informativeness of prices. To compensate for reduced information acquisition, I predict and find that managers at firms with more AT activity increase the quantity and quality of guidance issued at earnings announcements. Evidence is consistent with managers respondin...
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作者：Oh, Jun; Yeung, P. Eric; Zhu, Bo
作者单位：Purdue University System; Purdue University; Cornell University; Southwest Jiaotong University
摘要：We examine firms' voluntary disclosures of innovation under technology coopetition, focusing on technology standard setting organizations (SSOs). Technology coopetition is characterized by (1) cooperation to determine technology standards, which requires information sharing to reach consensus, and (2) competition for standard implementation to obtain standard-essential patents, which create incentives for firms to deviate from the expected level of information sharing. We document a decrease i...
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作者：Atanasov, Tyler
作者单位：Purdue University System; Purdue University
摘要：This paper presents a unifying model of disclosure in the presence of competitors and supply market reliance to examine the role of multisegment operations on disclosure choice. A firm's private information can have varying demand implications for its own portfolio of segments and for its competitors' portfolios of segments. In multisegment firms, cross-firm spillovers of information discourage disclosure whereas cross-segment spillovers encourage disclosure. This suggests multisegment firms w...
